According to the regulations set forth by the Nigerian central bank, subsidiaries of mobile network operators (telcos), mobile money operators, retail chains (supermarkets), and banking agents are eligible to apply for the PSB license, provided they meet specific requirements. These prerequisites include a capital base of 5 billion naira ($12 million) and a combined application and license fee amounting to 2.5 million naira ($6,400), which are non-refundable.
The issuance of these new banking licenses to Nigeria’s leading telcos follows the release of updated guidelines for the licensing and regulation of payment service banks by the CBN on August 27, 2020.